DOI: 10.1080/14693062.2016.1242057
Scopus记录号: 2-s2.0-85002061842
论文题名: Financial barriers and environmental innovations: evidence from EU manufacturing firms
作者: Ghisetti C ; , Mancinelli S ; , Mazzanti M ; , Zoli M
刊名: Climate Policy
ISSN: 1469-3062
EISSN: 1752-7457
出版年: 2017
卷: 17 起始页码: S131
结束页码: S147
语种: 英语
英文关键词: environmental innovations
; environmental regulations
; financial barriers
; firms
Scopus关键词: capital market
; economic growth
; environmental economics
; environmental management
; environmental policy
; environmental protection
; European Union
; financial system
; innovation
; investment
; manufacturing
; regulatory framework
; technological development
; Europe
Scopus学科分类: nvironmental Science: General Environmental Science
; Earth and Planetary Sciences: Atmospheric Science
英文摘要: We analyse the role of financial barriers in affecting the adoption of environmental innovations (EI) with a focus on manufacturing small and medium-sized enterprises in Europe. In taking stock of the consolidated literature on EI, we find that the role of financial barriers is substantially neglected, although crucial, even more relevant in the current phase of the economic cycle. Our empirical analysis confirms the existence of direct negative effects of financial barriers on environmental innovation investment decisions. It furthermore sheds more light on the determinants of financial barriers that shape firms’ cleaner production choices. Our findings have the following policy implications: properly designed policies can play a critical role, not only by stimulating EI through their determinants, but also by acting on the financial obstacles to eco-innovation. Policy relevance Environmental innovations (EI) are essential to achieve economic growth and environmental protection goals. Technological development is one of the key factors that can counterbalance the growth and population emission-augmenting effects. EI are a priority in major EU policy strategies and a prerequisite for the development of a ‘Resource efficient Europe’, one of the flagship initiatives of Europe 2020. The existence of financial barriers can constitute a serious deterrent for the eco-innovative capacity of firms, even more than for ‘traditional’ innovations, as EI are characterized by high technical risk, long payback period and uncertainty on the appropriability of private rents. This article analyses in depth whether barriers related to external financing affect EI investments and whether the stringency of financial constraints to investments in EI is affected by factors related to EI specificities. We show that when both direct and indirect effects on EI investments are considered, the role of the policy framework appears to be as particularly crucial in order to reverse the risk/return trade-off of eco-innovative investments. Targeting policy interventions to facilitate access to credit and to mitigate capital markets’ imperfections is essential to mitigate the apparent contradiction between EU industrial policies and climate abatement scenarios. © 2016 Informa UK Limited, trading as Taylor & Francis Group. Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/80278
Appears in Collections: 科学计划与规划
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作者单位: Department of Economics and Management, University of Ferrara, Ferrara, Italy; SEEDS (Sustainability, Environmental Economics and Dynamics Studies), Interuniversity Research Centre, Italy; European Commission, Joint Research Centre (JRC), Ispra, Italy; IEFE Bocconi, Milan, Italy; Department of Economics and Finance, University of Rome Tor Vergata, Rome, Italy
Recommended Citation:
Ghisetti C,, Mancinelli S,, Mazzanti M,et al. Financial barriers and environmental innovations: evidence from EU manufacturing firms[J]. Climate Policy,2017-01-01,17